Compare Smart Pension to other workplace pension providers
Learn how we compare when it comes to features, investment performance and user rating and why you should choose Smart Pension
Comparing workplace pension providers
Things to consider when choosing your pension provider
Whether your company has a large payroll or is only just taking on its first members of staff, when it comes to pensions there are plenty of features you’ll need to keep in mind.
Don’t forget that it’s not just about how easy the scheme is to set up and run for you, as an employer. The support and benefits available to your employees, as scheme members, should be important considerations, too.
See how Smart Pension compares to other workplace pension providers
| Smart Pension | Aviva | Natwest Cushon | Nest | NOW: Pensions | Penfold | Royal London | Scottish Widows | Standard Life | The People's Pension | |
|---|---|---|---|---|---|---|---|---|---|---|
| Trustpilot rating | 4.6 (Excellent) | 4.1 (Great) | 4.4 (Excellent) | 4.1 (Great) | 3.1 (Average) | 4.4 (Excellent) | 3.9 (Great) | 4.2 (Great) | 3.7 (Average) | 4 (Great) |
| Employers signed up | Over 70,000 | Over 20,000 | Over 20,000 | Over 1 million | Over 20,000 | Over 3,000 | Over 19,000 | Over 19,000 | Over 30,000 | Over 100,000 |
| Number of members | Over 1 million | Over 5 million | Over 600,000 | Over 12 million | Over 2.4 million | Over 18,000 | Over 1.5 million | Over 3 million | Over 1.5 million | Over 6 million |
| Mobile app |  | |  | | | | | | | |
| Find and combine pensions tool | |  | | | | | | | | |
| Payroll integration | | | | | | | | | | |
Information is taken from company websites. Comparisons based on information sourced September 2024 and will be updated every six months. The information contained here is for general information purposes only and we accept no responsibility or liability for the use, reference to or reliance on it. We encourage you to do your own research of pension providers and the information shown is not considered advice.
How Smart Pension fund performance compares to other workplace pension providers
A pension is a long-term investment product. While nobody can accurately predict what the future return on those investments will be, the money saved in a pension is usually the main way in which your employees will pay for the cost of living in retirement.
That’s why it’s important to choose a provider who can help them to achieve the best financial outcomes, not only while they are saving into their pension but also once they have retired from the workplace.
How Smart Pension investment performance compares to competitors over the last three years
| Pension provider | 3 years cumulative performance |
|---|---|
| Smart Pension (D) | 20.8% |
| Aviva (E) | 20.2% |
| Penfold (B) | 16.2% |
| Royal London (G) | 16.1% |
| Nest (F) | 14.7% |
| Standard Life (J) | 14.5% |
| Legal & General (I) | 13.6% |
| The Peoples Pension (C) | 12.0% |
| Scottish Widows (H) | 9.6% |
| Now Pensions (A) | 0.6% |
Source: Trustnet of charges. Funds used NOW:pensions – NOW Pensions Diversified Growth, Penfold – BlackRock MyMap 6 D Acc, The Peoples Pension – Global Investments (up to 85% shares) 0.5% Pn, Smart Pension – Smart Sustainable Growth, Aviva – Aviva Pen My Future Focus Growth Pn S3, NEST – NEST 2040 Retirement Pn, Royal London – RLP Governed Portfolio 4 Pension, Scottish Widows – Scottish Widows Pension Portfolio Three Pension Series 2, L&G – L&G Pension (PMC) 2065-2070 Pathway Pn 3, Standard Life – Stan Life Sustainable Multi Asset (AP) Pn S3. Natwest Cushon isn’t included in these figures because their fund is on Trustnet, but only has one year of performance which is not a good enough long term comparison. Past performance is not an indicator of future performance. Comparisons based on information sourced November 2024.
Why Smart Pension?
Easy to use app – with real-time pension access, members can access their account through the app or website.
Award-winning investments – our investments have a sustainable approach whilst also focuses on maximising returns for members.
Streamlined pension admin – connecting your payroll software to Smart Pension and automating pension uploads.
Value for money – many companies switch to us to reduce the fees that they and their employees are paying.
Employer account – comply with auto enrolment legislation and extract real-time data and key management information, all at the touch of a button.
Stand-out service – with full project management support, from transferring data to communicating the change to employees, we have a seamless process.
Financial wellbeing – meaningful support provided to all members about all their finances, not just pensions.
Smart Rewards – free access to discounts and cashback at over 1,400 major retailers, saving members’ up to £600 a year.
Companies who recommend Smart Pension
Radfield Home Care Ltd, Shrewsbury
Having used other automatic enrolment pension schemes, I can say that Smart Pension is the best one I have come across for a few reasons. The set up of new schemes is very simple and the platform is easy to navigate and understand. The customer support is excellent and I believe that our employees have a similar experience with their individual pension accounts.
Inspired Villages,
UK
The set-up of new schemes is supported by our dedicated point of contact and we always receive quick replies and excellent support from the Smart Pension team regarding any contribution queries. Our employees have access to their own pension account online, so they can easily keep up to date with their pension, plus Smart Pension offers excellent employee benefits and a good choice of funds.
Hear from our customers
The service was fast and friendly. This experience was beyond my expectation and it's the best customer service I have ever received.
Rated excellent by Trustpilot
Frequently asked questions
How should I choose a workplace pension provider?
There’s no ‘one size fits all’ answer when it comes to choosing a workplace pension provider. Naturally many small businesses will want to choose a provider who can get their pension scheme up and running as quickly and easily as possible, and keep them compliant with their legal obligations as an employer.
However, it’s also a good idea to think about how much the scheme will cost, and to make sure that you’re getting a fair deal on pricing. Bear in mind that there are often charges for you, as the employer, and for your employees, as scheme members.
Remember that a workplace pension scheme is an opportunity for you, as an employer, to help your employees to a better financial future. As such, it’s a benefit for both your business and your colleagues. You should make the most of any financial wellbeing or educational support that a provider offers.
When choosing a workplace pension provider, you may find a guide like How to choose the best workplace pension helpful. It contains the questions you’ll need to ask, and details all the things you’ll need to think about, to find the best workplace pension scheme for your business.
How easy is it to switch to Smart Pension?
It’s an easy transfer process. Our experienced pension experts will manage the switch and you’ll have a dedicated point of contact. Our team is on call with full project management and legal and data guidance.
I want to help my employees learn more about their pension – how can you help me with that?
We provide useful tools – including emails, videos and other free resources – for you to download and share with your employees. These are designed to help them get the most out of their workplace pension and on track with saving for retirement.
Where can I read more about your investment performance?
See our latest investment report, which summarises the most recent performance for all our funds. It shows you how they have been performing over the past three months and up to the last five years.
I have a trust-based pension scheme – can I switch to Smart Pension?
Yes you can. Visit our Upgrade a trust-based pension scheme page for more information and details of how to get in touch with us. In our experience, the main reason for companies switching from a trust-based scheme to Smart Pension is that doing so saves them money. After reviewing how much it costs to pay for their own trustees, governance, scheme administration and investment strategy, companies often conclude that moving to a master trust pension provider (like Smart Pension) is far more cost-effective.
Simple economies of scale mean that if a smaller, trust-based pension scheme transfers to a larger pension scheme, the costs of running the scheme (including admin, investment and governance) are much less because they are shared amongst participating employers.
Is it going to be expensive and difficult to switch over to Smart Pension?
Our experienced pension experts will manage the transfer and you will have a dedicated point of contact throughout, meaning that it will be a smooth process. Working together may also enable us to reduce ongoing scheme costs for your business and your employees.
Is the quality of the data in my existing pension scheme good enough?
Don’t let the data held within your scheme be a barrier to switching providers. During the switching process, we’ll work with you on making the scheme data as accurate as possible.
Can a pension help me retain my employees?
In a word, yes! In today’s competitive labour market, a good workplace pension scheme is an increasingly important (and attractive) aspect of any employment package. Helping employees to better outcomes in retirement is a process that starts years before they retire. Giving them confidence when it comes to planning for retirement helps you, as an employer, to show your commitment to them.
Did you know that a company workplace pension may be able to significantly reduce the National Insurance a company and employees pay?
Salary sacrifice, also known as ‘salary exchange’, is an arrangement with you and your employees where you agree to exchange your employee’s salary by the amount they want to contribute to their pension.
Salary sacrifice can benefit your company because:
- it is a tax-efficient way for you to save money on your workplace pension scheme
- both you and your employees pay less in National Insurance contributions each month
- it allows you to offer increased benefits for your employees, at no extra cost to you
Learn more about salary sacrifice.
Can I connect my existing payroll software to Smart Pension?
Yes, save time and make your job easier by connecting your payroll software to Smart Pension. We connect with all the leading payroll software providers – search for yours now.
Can you tell me more about the Smart Pension Master Trust?
Smart Pension is an award-winning pension provider and the Smart Pension Master Trust is authorised by The Pensions Regulator (TPR). Our master trust scheme helps hundreds of thousands of members, with funds managed by household names including J.P. Morgan, HSBC and Legal & General.
Learn more about the Smart Pension Master Trust.
How is the Smart Pension Master Trust governed
We have an independent board of trustees who make sure our pension scheme follows pension legislation and acts in members’ best interests at all times. Our board has extensive experience in the pension industry.
Meet our trustees here.
Awards and achievements
Join Smart Pension today
Join over 70,000 employers who are already using Smart Pension and helping over a million individuals save for retirement.
